On Tuesday, January 6th, data released by the American Petroleum Institute (API) showed that U.S. crude oil inventories decreased last week, while refined product inventories increased.

According to API data, for the week ending January 2nd, U.S. crude oil inventories decreased by 2.77 million barrels, gasoline inventories increased by 4.41 million barrels, and distillate fuel inventories increased by 4.93 million barrels.

Analysts surveyed had previously expected crude oil inventories to increase by approximately 500,000 barrels, distillate fuel inventories to increase by approximately 2.1 million barrels, and gasoline inventories to increase by approximately 3.2 million barrels.

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